534 E 37th Ave #84 · New Chicago, IN 46342

$52,500

3 bd · 2.0 ba · 1,250 sqft · Manufactured · 99 Days on market

Built 2026 Good condition 7,000 sqft lot $42/sqft · 27% below area Est $72k · 27% under $600/mo HOA · 37% of rent ↓ 5% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

Key facts

• Master suite
• Open layout
• Walk in closet

Tags

• VINYL PLANK FLOORING
• MODERN KITCHEN
• OPEN LAYOUT
• MASTER SUITE
• WALK IN CLOSET
• HOTEL LIKE MASTER BATH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $52k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $52k).
• Recommended offer: $48k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#385 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• River Forest Community School Corporation (suburban): math 17% / reading 30% proficiency, ranked #268 of 301 in IN (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 261 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $363 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $47,775 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.07% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.35%
• DSCR: 2.13
• GRM: 2.7

CMA / ARV

• ARV (median comp): $72,000
• List price: $52,500
• Delta: -27.08%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.09×
• Total profit: $16,040
• Equity at exit: $7,828

10-year hold

• IRR: 35.5%
• Equity multiple: 5.08×
• Total profit: $59,987
• Equity at exit: $4,539

Cash invested: $14,700 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46342

• Rents YoY: 5.6%
• Active inventory: 261
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,612 high
• Mortgage (P&I): −$275
• Tax est. 1.5%: −$66 /mo · $788/yr
• Insurance: −$22
• HOA: −$600
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $311

Break-even live

Break-even rent $1,219

Max offer price $52,500

Occupancy floor 76%

Sensitivity live

Price	-10% $347	-5% $329	+0% $311	+5% $292	+10% $274
Rent	-10% $183	-5% $247	+0% $311	+5% $374	+10% $438
Rate	-1.0pp $337	-0.5pp $324	base $311	+0.5pp $297	+1.0pp $283

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $13,125
• Closing costs: $1,575
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W 37th Ave Unit 48 Hobart, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	0.24mi
123 Arthur Ave Hobart, IN	2.0	1.0	1565	$1,500	$0.96	0d	1	0.38mi
600 W 39th Pl Hobart, IN	3.0	3.0	1601	$2,615	$1.63	0d	1	0.45mi
416 Van Buren Ave Hobart, IN	3.0	1.0	1085	$1,395	$1.29	2d	1	0.58mi
333 Neringa Ln Hobart, IN	1.0–3.0	1.0–2.0	1009	$1,780	$1.76	0d	11	0.90mi
3753 Englehart St Lake Station, IN	3.0	1.0	1224	$1,450	$1.18	0d	1	1.10mi

HOA detail

• Monthly dues: $600 · $7,200/yr

Listing history 8 events

1. 2026-05-13
   status Active 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

2. 2026-05-13
   historical 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

3. 2026-04-27
   status Active 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

4. 2026-04-25
   historical 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

5. 2026-03-29
   status Active 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

6. 2026-03-29
   price $52,500 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

7. 2026-03-17
   historical 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

8. 2026-02-03
   listed $55,000 Active 332-char remark

   Show marketing remark (332 chars)

   Discover our fully remodeled homes at Ravinia Pines- ranging from 1,216 to over 1,500 sq. ft. Each home is designed for comfort, quality, and convenience - and ready for immediate occupancy in our peaceful Hobart, Indiana community. Custom home buildable lots are also available - contact us to learn about model home opportunities.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,342
• − Mortgage interest: −$2,941
• − Property taxes: −$788
• − Insurance: −$262
• − Repairs & maintenance: −$1,547
• − Management: −$1,547
• − HOA: −$7,200
• − Depreciation: −$1,527
• Taxable income: $3,529
• Est. tax owed @ 24.0%: −$847
• After-tax cash flow: $2,879/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This fully remodeled home is move-in ready with modern appliances, granite countertops, and a well-maintained exterior. It offers a good investment opportunity with potential for further value enhancement through painting and landscaping.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — A well-maintained lawn and landscaping can increase both resale and rental value
• Both Adding smart home features — Modern technology can increase both resale and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — A well-maintained lawn and landscaping can increase both resale and rental value ↑
• Both Adding smart home features — Modern technology can increase both resale and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: River Forest Community School Corporation
• NCES district ID: 1804620
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $38,317
• Composite: 19.65/100
• National rank: #8738
• State rank: #268 of 301 in IN

Livability — New Chicago

• Score: 64/100
• State rank: #385
• US rank: #14244

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Chicago, IN
• County: Lake County · 422,878 people
• City population: 32,224
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 32,224
• Household income: $75,521
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1033.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 10% Black 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 5%
• Common ancestry: Romanian 11% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Russian/Polish/Slavic 2% Chinese 1%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.01%
• Current HPI: 260.2635
• Rent YoY: ▲ 5.63%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

-4.5% since first listed

8 events — show timeline

• 2026-05-13 Relisted — Zillow
• 2026-05-13 Delisted — Zillow
• 2026-04-27 Relisted — Zillow
• 2026-04-25 Delisted — Zillow
• 2026-03-29 Relisted — Zillow
• 2026-03-29 Price Changed $52,500 Zillow
• 2026-03-17 Delisted — Zillow
• 2026-02-03 Listed $55,000 Zillow